Nasdaq Index Forecast
Nasdaq index price ended at 15,927.90 points on Friday, after gaining 2.03%.
(Updated on Apr 26, 2024)
The Nasdaq index price gained 2.03% on the last trading day (Friday, 26th Apr 2024), rising from 15,611.76 points to 15,927.90 points. During the last trading day the index fluctuated 1.33% from a day low at 15,770.72 points to a day high of 15,981.00 points. The price has fallen in 6 of the last 10 days and is down by -1.53% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 39 million more shares were traded than the day before. In total, 4 billion shares were bought and sold for approximately 66.92 points trillion.
The index is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Nasdaq index with a 90% probability to be traded between 15,614.03 points and 16,829.31 points at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and indices seldom manage to go directly from the bottom of a trend up to the top. Indices turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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^IXIC Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 4.23%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nasdaq index holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the index giving a more negative forecast for the stock. On further gains, the index will meet resistance from the long-term Moving Average at 16,080.04 points. On a fall, the index will find some support from the short-term average at 15,609.68 points. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Nasdaq index
Nasdaq finds support from accumulated volume at 15,906.17 points and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This index is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the index moved 210.28 points (1.33%) between high and low. For the last week, the index has had daily average volatility of 1.58%.
Our recommended stop-loss: 15,151.88 points (-4.87%) (This index has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (^IXIC) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect NASDAQ Composite to open at 15,893.21 points, and during the day (based on 14 day Average True Range), to move between 15,637.47 points and 16,218.33 points, which gives a possible trading interval of +/-290.43 points (+/-1.82%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 3.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 15,939.59 points (0.07%) than the support at 15,906.17 points (0.14%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is NASDAQ Composite index A Buy?
Nasdaq holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.510 Hold/Accumulate Unchanged
Predicted Opening Price for NASDAQ Composite of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| 15,893.21 points ( 0.218%) | 15,927.90 points |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ^IXIC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16,103.49 | 1.10 % | |
| R2 | 16,023.16 | 0.598 % | ||
| R1 | 15,973.53 | 0.286 % | ||
| Current price: | 15,927.90 | |||
| Support | S1 | 15,812.88 | -0.722 % | |
| S2 | 15,763.25 | -1.03 % | ||
| S3 | 15,682.93 | -1.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16,091.92 | 1.03 % | |
| R2 | 15,973.17 | 0.284 % | ||
| R1 | 15,939.59 | 0.0734 % | ||
| Current price | 15,927.90 | |||
| Support | S1 | 15,906.17 | -0.136% | |
| S2 | 15,696.64 | -1.45% | ||
| S3 | 15,164.01 | -4.80% |
FAQ
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